Bascially, it showed a bunch of Obama voters saying they wanted their mortgage for "free."
Posted on 02/07/2011 9:32:48 AM PST by Chunga85
Over the past several years, the real estate industry in the United States has undergone a near collapse. House prices have been reduced so far by 25% nationwide due to the bursting of real estate bubble. The only vibrant part of the real estate market in the present economic recovery is the millions of foreclosed homes being sold to bargain hunters.
Some smaller States, the Dakotas, Nebraska, Alaska, have managed to avoid a big downturn in prices and hope to continue to do so. The big States most affected by the real estate disaster though, California, Michigan, Nevada, Florida, have lost more than one-half on home values in many major cities.
There is one aspect of the home mortgage disaster that no State will be able to avoid though. This involves the mismanagement and fraud relating to mortgage loans that largely occurred after the loan closed and was recorded in the local courthouse as a lien on the property along with the new deed of ownership. This unlawful activity affects in some substantial way the validity of the great majority of mortgages issued over the past 20-years throughout the country, whether the loan payments are current or delinquent.
(Excerpt) Read more at marketoracle.co.uk ...
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It has been discovered that most of the loans in the Wall Street MBS packages and those held by Fannie Mae/Freddie Mac, in fact, did not meet federal regulatory standards, not even close. Just about every player in the real estate industry had a large hand in this fraud: mortgage lenders, banks, sellers, buyers, brokers, appraisers, lawyers, middlemen, federal and state agencies, Congress and last five Presidents. The result is a home foreclosure rate that is unheard of already and looking likely to accelerate.
But the same Wall Street banks that bought off the ratings agencies and the government in order to cheat their customers and got away with it could not stop themselves from also committing massive tax evasion and the blatant violation of state laws across the nation with almost all of their MBS offerings. This is the fraud that might place the majority of US home ownership titles into serious question.
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Click through....
Mixed up paperwork ping.
It's because they *never* dramatically went up in price like many other areas...lol
I thought the whole article was pretty damning. The good part of this mess is I maintain they are not going to get away with it.
“Mixed up paperwork ping.”
My rear the banks knew perfectly well what they were doing they just didn’t care they were dumping it on unsuspecting investors and the taxpayers.
Banks accepted and bundled ‘deficient’ loans
Mortgages rejected by due-diligence firm were lumped in, crisis panel says
The answer is quite simple
Massive Quiet Title Actions across the State, Judges should Jail every last stinking lawyer that offers any fraudulent documents to the court.
There’s no need for Quiet Title Actions when the banks can get someone like org.whodat to fix this for them. ;-)
California and Florida were known areas of mass speculation. People were buying houses just to flip them to the next buyer.
But the vast majority of mortgages were not “a bubble”. And defaults on them merely reflects the economy tanking and the loss of jobs, as happens to mortgages in practically every economic downturn. This economic downturn was particularly severe, so the impact on mortages was particularly severe.
Once the NOTE is NOT transferred, recorded, and the mortgage is sold to one or MORE buyers via Mortgage Backed Securities in tranches of billions of dollars of now un-secured mortgages (Fraud, as no notes, titles were transferred), the property cannot be legally foreclosed upon, OR SOLD again either as there is no legal transfer of ownership available without the original note. Buyers have paid cash for foreclosed homes and later been foreclosed on themselves by multiple other buyers of the original notes attempting to get their money back....the mortgage crisis is one big, centralized fraud.
It seems as the properties without note transfers are actually, now, NON PROPERTY, not able to be bought or sold with legal credentials, and can, in the future simply be vacuumed up by centralized govt. for social justice REDISTRIBUTION (is that what Fannie and Freddie are now?...laundering operations for invalid note properties?) The US govt cannot follow-through with a redistribution scheme without first gaining authority of the property. Is that what is going on? The Bolsheviks redistributed property at the point of a gun, and the toxic subprime mortgages, now noteless non-properties, may be accomplishing the same thing without firing a shot.
Bascially, it showed a bunch of Obama voters saying they wanted their mortgage for "free."
Who is going to hold the proverbial "they" accountable, and to whom?
Strange how quiet the ‘DEAD BEAT BEATERS’ have become on these post on the Foreclosure Fraud and the illegal activities of the banks and their lawyers. I thought they had it worked out to were they were no problems?
What people are doing in my FL middle class neighborhood is stop paying their mortgage, move out, then they rent the home out-—but they still DON’T PAY THE MORTGAGE!!
And naturally the renters don’t keep the home up because they know its all a sham. IT’S CRIMINAL!
And the banks don’t want the homes back and totally ignore the fact no one is paying the note!! Someone needs to go to freaking JAIL!!
What people are doing in my FL middle class neighborhood is stop paying their mortgage, move out, then they rent the home out-—but they still DON’T PAY THE MORTGAGE!!
And naturally the renters don’t keep the home up because they know its all a sham. IT’S CRIMINAL!
And the banks don’t want the homes back and totally ignore the fact no one is paying the note!! Someone needs to go to freaking JAIL!!
They are slowly choking off private sector Americans...
Everything is dramatically going up except their wages..
Millions have already lost their jobs, homes, businesses, investments...everything.
I would say at this point, the banksters are *only* concerned about how many hundreds of billions in assets, homes and property they can confiscate from the people, before the lid blows right off.
It's a good thing we have the Constitution of the United States of America. Foreclosuregate is about to be escalated.
Quite refreshing actually.
The mortgage crisis, designed by the Fed Reserve, Congress and Wall Street and Fannie and Freddie are producing properties with no legal documentation and now identifiable owners (mortgage holders have not paid off the mortgages yet, and they do not know how many claimants there are world-wide on their notes!
The ownerless property is ripe for....claims of posession by local (Kelo) or Fed Govt. for....as Obama puts it..REDISTRIBUTION.
All the debts of the mortgage crisis have been put on US...we have to pay for all of Fannie and Freddies losses. We, as a middle class, lose the houses, and they fall into govt hands, and we pay for it in total!! Biggest fraud and theft of property in world history at the hands of a government.
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